(via economist.com) “When Robert Shiller produced his data in the 1990s showing that the cyclically-adjusted price-earnings ratio of U.S. equities was ridiculously high, his logic was pooh-poohed. But the decade of the noughties was one of the worst ever for stockmarket returns. Buy high, earn low is the rule.”

“Short-seller Jim Chanos correctly saw Enron’s problems before they engulfed the company. He’s now making media appearances identifying China as his next short idea, specifically the Chinese commercial and residential property markets.”

Back in January, Bill Gross described the U.K. debt situation as sitting on a pile of nitroglycerine. The U.K. debt office was quick to retort that they were ‘very comfortable’ sitting on nitroglycerine and that in fact the U.K. would pull through just fine. [...] Well now, just two months later, Bill Gross has done a 180 and come around to the U.K. debt office’s view…[saying] the UK is “decently positioned” to escape its debt crisis.”

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